FDIC, OCC Focus on Risk Assessment, Management of Third-Party Relationships A financial institution can outsource a service, but it cannot cede responsibility for the potential risks to itself and its customers. This is the message from banking regulatory agencies to member institutions, hammered home by recent bulletins from the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC). Their guidance comes on the heels of the National Credit Union Administration's earlier announcement that vendor management is a top examination topic for U.S. credit unions in 2008. ...
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FDIC, OCC Focus on Risk Assessment, Management of Third-Party Relationships A financial institution can outsource a service, but it cannot cede responsibility for the potential risks to itself and its customers. This is the message from banking regulatory agencies to member institutions, hammered home by recent bulletins from the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC). Their guidance comes on the heels of the National Credit Union Administration's earlier announcement that vendor management is a top examination topic for U.S. credit unions in 2008. ...